Global Rare Earth Magnet Market Report and Forecast 2022-2027
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According to the report by Our Research, the global Rare Earth Magnet Market is being aided by the increasing application of the product across different industries, such as automotive, medical, and defence. The market is projected to grow at a CAGR of 7.1% in the forecast period of 2022-2027.
Rare earth magnet is defined as a powerful permanent magnet obtained by the elements which are rarely found on the planet earth. These are high performance magnets with a crystalline structure. Different rare earth magnets might be made of distinguished earth metals but they exhibit similar structure, properties, and brittleness. Grade and strength of these magnets may vary but are widely applied in numerous sectors. The increasing application of the products in various businesses is driving the growth of rare earth magnets market.
Neodymium (NdFeB Magnets) find wide applications in the automotive sector as these magnets are used in energy transmission system for enhancing the safety of vehicle and for controlling the information system. Hence, the increasing sales of new energy vehicles and luxury cars is driving the demand for the product.
Meanwhile, the increasing deployment of the product across the healthcare industry to manufacture medical equipment is further propelling the market growth. Magnetic resonance imaging device is one such example which is witnessing an escalated application across diagnostic and treatment of chronic diseases like arthritis and deep wounds. This will bolster the rare earth magnets market.
Samarium, on the other hand, is used to manufacture sensors which are extensively used in the aerospace and defence industry. Sensors are critical components of aircrafts and battle tanks, which is leading to a heightened incorporation of the product. Over the forecast period, the anticipated increase in the research and development activities by the major defence companies aimed towards ramping up the production of superior quality fighter jets with advanced sensors are likely to be the major growth driving trends.
The anticipated increase in the demand for power generators owing to the increasing demand for energy in various end-use industries is likely to be the key driver for the market. Rare earth magnets exhibit properties such as high coercive force, excellent temperature stability, and these magnets are also brittle in nature. These properties of these strong magnets are likely to expand the application scope across various end-use industries.
In terms of region, the Asia Pacific region accounts for a significant share of the market. The high sale of electronic devices such as printers, speakers, and computer disks, among others, is driving the growth of the market. The rapid digitalisation across emerging nations, such as India and China, are likely to accelerate the growth of rare earth magnets market in the coming years.
North America is also likely to be among the leading regions due to the advanced medical and automotive infrastructure across the developed economies such as the United States of America and Canada.
Our Research report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the companies. Some of the major key players explored in the report by Our Research are as follows:
•Hitachi Metals, Ltd.
•Shin-Etsu Chemical Co., Ltd
•Arnold Magnetic Technologies
•Bunting Magnetics Co.
*We at Our Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
Browse our full report with Table of Content : https://www.bharatbook.com/report/1372598/global-rare-earth-magnet-market-report-and-forecast
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